Monetary policy risk
@Gork: I don't disagree. Again, I was trying to avoid getting too deep into the extremely complex subject of monetary policy risk here. But I think you are right that its effect is more about expectations than actual rates, which would make it more of a "headline risk" than a sustaining influence. On the other hand, while QE may have "ended" in the sense of fresh money supply, it hasn't actually ended due to rollovers - What Rickards called "perpetual QE." So I suppose one could argue that there is a sustaining price support there, at least until/if that new money supply is actually withdrawn. And the risk of additional EZ QE still looms. Another deep subject for another day. But I really didn't want to get too far off on the monetary policy tangent...
